Middlesex Watr Stock Price, News & Analysis

Middlesex Water Company (MSEX) has announced its participation in the 4th Annual Virtual Water Utilities Conference hosted by Janney Montgomery Scott on September 19, 2024. CEO Nadine Leslie and CFO Rally Zerhouni will provide a company update at 1:00 p.m. ET.

The virtual conference, moderated by Michael Gaugler, Janney Senior Analyst and Managing Director of Utility & Infrastructure, will feature a live presentation and webcast. Investors can access the event in real-time or view a replay at https://wsw.com/webcast/jms13/msex/1693846 or on the company's website under the Investors section. The presentation will remain available for 90 days following the event.

Middlesex Water Company (NASDAQ:MSEX) has announced that its Vice President, General Counsel and Secretary, Jay L. Kooper, has been named a finalist in the 2024 New Jersey Legal Awards, sponsored by the New Jersey Law Journal. Kooper is a finalist in the In-House Impact awards category. The winners will be announced on October 29, 2024 at Park Chateau Estate in East Brunswick, New Jersey.

Kooper, appointed to his current role in March 2014, serves on the Board of Directors of the National Association of Water Companies (NAWC) and chairs NAWC's New Jersey Chapter. He also serves on the Board of Consultors of the New Jersey State Bar Association's Public Utility Law Section and is a Past Chair of the Section. Middlesex Water Company President and CEO Nadine Leslie praised Kooper's expertise in navigating legal and regulatory matters for the company and his leadership within the water and wastewater industry.

Tidewater Utilities, a subsidiary of Middlesex Water Company (Nasdaq:MSEX), has filed for a rate adjustment with the Delaware Public Service Commission. This is the company's first request for a rate change in over a decade, aimed at recovering $150 million invested in critical drinking water infrastructure improvements. The investments include:

- Construction of two 1,000,000-gallon elevated water storage tanks
- Upgrades to treatment plants
- Installation of interconnections for redundant capacity
- Addition of backup generation at 30+ facilities
- Water main realignments and hydrant installations

Tidewater is seeking a total annual revenue increase of $10.3 million. If approved, the average residential customer's bill would increase by about $13.97 per month.

Middlesex Water Company (NASDAQ:MSEX) reported strong financial results for Q2 2024. Net income increased 6.5% to $10.5 million, with diluted earnings per share rising to $0.59 from $0.55 in Q2 2023. Quarterly consolidated operating revenues grew 14.8% to $49.1 million, driven by NJBPU-approved base rate increases and higher commercial and industrial billings in the Middlesex System.

Year-to-date performance showed significant improvement, with net income up $5.5 million and diluted EPS reaching $1.18, compared to $0.88 in the same period of 2023. The company's focus on infrastructure investment through RENEW and Water for Tomorrow® programs continues, with plans to file a general rate case in Delaware in Q3 2024. Middlesex also declared a quarterly dividend of $0.325 per share, marking its 51st consecutive year of dividend increases.

Middlesex Water Company (NASDAQ:MSEX) has declared a quarterly cash dividend of $0.325 per share on its common stock. The dividend is payable on September 3, 2024 to shareholders of record as of August 15, 2024. This announcement continues the company's long-standing tradition of paying cash dividends, which it has maintained continually since 1912.

Middlesex Water provides regulated and unregulated water and wastewater utility services, primarily in New Jersey and Delaware, through various subsidiary companies. The company's commitment to consistent dividend payments reflects its financial stability and dedication to shareholder value.

Middlesex Water Company (NASDAQ: MSEX) has appointed Mohammed G. (Rally) Zerhouni as the new Senior Vice President, Chief Financial Officer, and Treasurer, effective June 24, 2024. This strategic succession follows a comprehensive search to replace A. Bruce O’Connor, who will retire on June 21, 2024, after 34 years of service. Zerhouni brings over 20 years of finance experience in the regulated utility sector, having held senior roles at SJW Group and Veolia North America. Middlesex Water President and CEO Nadine Leslie expressed confidence in Zerhouni's ability to navigate industry challenges and maintain financial excellence. The company serves nearly half a million people in New Jersey and Delaware, providing a range of water and wastewater services.

Middlesex Water Company is initiating a $9.7 million project to upgrade Woodbridge, NJ’s drinking water infrastructure, starting June 2024. The initiative, part of the RENEW program, will update 18,550 linear feet of water mains, service lines, valves, and hydrants. Additionally, the 'Knocking Out Lead' program aims to replace lead and galvanized steel service lines, aligning with New Jersey’s mandate to replace all such lines by 2031, at no direct cost to qualifying customers. This is the 29th year of the RENEW program, aiming to maintain system resiliency and protect public health. The project is expected to complete in 8-9 months, with road restoration by spring 2025. Weekly updates will be provided online, and temporary water outages will be communicated in advance.

Middlesex Water Company (NASDAQ: MSEX) announces that Dennis W. Doll, its Chairman, has received the Distinguished Service Award from the New Jersey Utilities Association (NJUA) during its 2024 Annual Conference. Doll, who joined Middlesex Water in 2004, has held various key roles including President and CEO. Throughout his tenure, the company achieved significant customer growth, initiated the 'Water for Tomorrow' capital improvement program, enhanced security measures, and made critical investments to meet regulatory requirements. Recently retired as President and CEO, Doll continues to serve as Chairman until May 2025. NJUA also honored the late Joseph Fiordaliso for his contributions to cleaner energy in New Jersey.

Middlesex Water held its Annual Shareholders Meeting online on May 21, 2024. Shareholders re-elected Kim C. Hanemann and Ann L. Noble and elected Nadine Leslie as Class I Directors for three-year terms, and re-elected Dennis W. Doll as a Class II Director for a one-year term. They also approved executive compensation and ratified Baker Tilly US, LLP as the external auditor for 2024. Key discussions included financial results, capital investments in New Jersey and Delaware, major treatment plant upgrades, and governance and sustainability initiatives. An audio webcast of the meeting is available for one year on the company’s website.